A Guide to the Inflation Reduction Act’s New and Revised Auto and Energy- Related Tax Credits (NAEC)

Tax practitioners are being bombarded with questions about new and revised energy and Clean Auto-related credits. Although most of the new rules and revisions do not apply until 2023, some of the changes, including a change impacting 2022 auto purchases, apply this year.  If you are currently or will be advising clients regarding energy credits and auto purchases, this program is important for you because it explains how the new credits work, which pre-Inflation Reduction Act credits were retained, when the new credits apply, and how they apply.

• The credits available for auto purchases in 2022 and 2023
• What “assembled in North America” means relative to credits associated with auto purchases
• Changes to Section 179D and Section 451
• The Energy-efficient Home Improvement Credit
• The Residential Clean Energy Credit
• The new Energy Efficient Home Credit
• The Clean Vehicle Credit
• Credit for previously owned Clean Vehicles
• The credit for Qualified Commercial Clean Vehicles
• Transfers of certain credits to an unrelated transferee
• Increase in Research Credit against payroll tax for small businesses
• How a purchaser of an energy efficient auto claims an auto credit

• Be familiar with all aspects of the credits emanating from the IRA
• Advise clients regarding individual and business planning related to these credits